Published on 12/23/2019 in the Prospect News Structured Products Daily.
New Issue: BofA sells $675,000 callable yield notes linked to Dow, Russell
By Wendy Van Sickle
Columbus, Ohio, Dec. 23 – BofA Finance LLC priced $675,000 of issuer callable yield notes due Dec. 19, 2024 linked to the least performing of the Dow Jones industrial average and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Bank of America Corp.
The notes are callable on contingent payment dates after six months at par plus the contingent coupon.
Each quarter, the notes will pay a contingent coupon at the annual rate of 6% per year if each index closes at or above its coupon barrier of 70% of its initial level on that period’s observation date.
If each index finishes at or above its downside threshold level, 65% of its initial level, the payout at maturity will be par plus the coupon, if any.
If either index finishes below its downside threshold, investors will be fully exposed to the decline of the least-performing index from its initial level.
BofA Merrill Lynch is the selling agent.
| Issuer: | BofA Finance LLC
|
| Guarantor: | Bank of America Corp.
|
| Issue: | Issuer callable yield notes
|
| Underlying indexes: | Dow Jones industrial average, Russell 2000 index
|
| Amount: | $675,000
|
| Maturity: | Dec. 19, 2024
|
| Coupon: | 6% per year, payable quarterly if each index closes at or above coupon barrier level on observation date that period
|
| Price: | Par
|
| Payout at maturity: | Par plus coupon, if any, if each index finishes at or above downside threshold; if any index finishes below downside threshold, full exposure to decline of least-performing index from its initial level
|
| Call option: | Notes are callable at par quarterly after six months
|
| Initial levels: | 28,235.89 for Dow, 1,649.939 for Russell
|
| Coupon barriers: | 19,765.12 for Dow, 1,154.957 for Russell, 70% of initial levels
|
| Threshold values: | 18,353.33 for Dow, 1,072.46 for Russell, 65% of initial levels
|
| Pricing date: | Dec. 16
|
| Settlement date: | Dec. 19
|
| Agent: | BofA Merrill Lynch
|
| Fees: | 3.5%
|
| Cusip: | 09709TYM7
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
